Fourth Avenue Capital, a real estate investment, development and operating company with offices in Seattle and Spokane recently announced the purchase of Lake Tower, a ten-story trophy apartment tower in Downtown Coeur d' Alene,ID. Fourth Avenue Capital now owns 24 assets across its portfolio, including two other properties in the Spokane/Coeur d' Alene MSA.
The Lake Tower offers some of the largest floor plans in the area, averaging 1,370 square feet, and includes six penthouse units on the top floors that are over 2,150 square feet in size. The building is designed so that 100% of the units have entry doors that face north resulting in sweeping views of Lake Coeur d' Alene which is only two blocks south of the Lake Tower building. All units have outdoor patios, air conditioning, and in-unit washers and dryers. Additionally, there is a covered parking garage for residents.
This acquisition comes as Coeur d' Alene continues to experience accelerated population and economic growth. The city's population has surged 23% over the last decade - more than three times the national average. Fourth Avenue Capital plans to elevate Lake Tower through targeted capital improvements that will modernize interiors and enhance the resident experience. "Lake Tower is a generational opportunity - an irreplaceable asset in the heart of one of the most desirable small cities in the country," said Davis Vaughn, Managing Partner at Fourth Avenue Capital "With thoughtful upgrades, we will deliver a rental experience that meets the standard set by its iconic location"
Fourth Avenue Capital is also currently involved with the development of Signal Point Apartment Homes, a 240-unit apartment complex currently under construction in Liberty Lake. For more information on Fourth Avenue Capital, visit their website at https://www.fourthavecapital.com/
